2014 Annual Results and 2014 Fourth Quarter Results

Transcription

2014 & 4Q14 Results
February 19, 2015
Disclaimer
This media release may contain objectives and comments relating to the objectives and strategy of Natixis. Any such objectives inherently depend on assumptions,
project considerations, objectives and expectations linked to future and uncertain events, transactions, products and services as well as suppositions regarding future
performances and synergies.
No assurance can be given that such objectives will be realized. They are subject to inherent risks and uncertainties and are based on assumptions relating to Natixis,
its subsidiaries and associates, and the business development thereof; trends in the sector; future acquisitions and investments; macroeconomic conditions and
conditions in Natixis' principal local markets; competition and regulations. Occurrence of such events is not certain, and outcomes may prove different from current
expectations, significantly affecting expected results. Actual results may differ significantly from those implied by such objectives.
Information in this media release relating to parties other than Natixis or taken from external sources has not been subject to independent verification, and Natixis
makes no warranty as to the accuracy, fairness or completeness of the information or opinions herein. Neither Natixis nor its representatives shall be liable for any
errors or omissions or for any harm resulting from the use of this media release, its contents or any document or information referred to herein.
Figures in this presentation are unaudited.
Note on methodology:
> 2013 figures are pro forma:
(1) of the acquisition by Natixis of Groupe BPCE’s 60% stake in BPCE Assurances. The BPCE Assurances acquisition was realized on March 13th, 2014 with a
retroactive effect as of January 1st, 2014. 40% of BPCE Assurances capital is still owned by MACIF and MAIF. The figures used for the pro forma income
statement are based on BPCE Assurances contribution to Groupe BPCE consolidated accounts reported in 2013.
(2) of the reclassification of the 15% Natixis share in CACEIS from the Securities services business (Specialized Financial Services) to the Corporate Center since
1Q13.
(3) of the sale of Cooperative Investment Certificates (means the pro forma of the effective sale on August 6, 2013 of all CCIs held by Natixis to the Banques
Populaires and the Caisses d’Epargne).
> Business line performance using Basel 3 standards:
Starting in 2013, the performances of Natixis business lines are presented using Basel 3 standards. Basel 3 risk-weighted assets are based on CRR-CRD4 rules as
published in June 26th, 2013 (including Danish compromise treatment for qualified entities).
Capital is allocated to Natixis business lines on the basis of 9% of their Basel 3 average risk weighted assets.
Annualized ROTE is computed as follows: net income (group share) – DSN net interest/average net assets after dividend – hybrid notes – intangible assets
– average goodwill. And, since 4Q13, this ratio include goodwill and intangible assets by business lines to determinate the ROE ratio of businesses (figures are pro
forma in this presentation).

The remuneration rate on normative capital is 3%.

Own senior debt fair-value adjustment calculated using a discounted cash-flow model, contract by contract, including parameters such as swaps curve, and
revaluation spread (based on the BPCE reoffer curve).

Exceptional items: figures and comments on this presentation are based on Natixis and its businesses income statements excluding exceptional items detailed
page 5. Natixis and its businesses income statements including exceptional items (reported data) are available in the appendix of this presentation.
2
February 19, 2015
Very good performance of core businesses in 2014 and first steps
of New Frontier successfully realized
Development of the main franchises of the Wholesale Banking division driven by international areas: €28bn
new loan production in Structured financing in 2014 and strong growth in the Equity derivatives businesses
Activity in
2014(1)
Record year in Asset management: €736bn ($890bn) of assets under management, up by €106bn since end
December 2013 thanks, notably, to a €32bn net inflow excluding money-market
Strong growth in Insurance positions : 25% rise of global turnover in 2014
SFS offerings roll-out in networks : good momentum in Consumer financing (+9% in outstanding), Employee benefit
schemes (+6% in AuM) and Payments (number of cards in circulation up 19%)
Natixis core businesses net revenues up by 7% in 2014 vs. 2013 to €7.0bn, above the strategic plan pace,
and up by 9% in 4Q14 vs. 4Q13 to €1.8bn
Gross operating income rose 10% vs. 2013 and 3% vs. 4Q13
2014 & 4Q14
results(1)
Substantial decline in Natixis’ core business cost of risk in 2014 to 38bps vs. 53bps in 2013
Net income (gs) excluding GAPC stands at €1.3bn in 2014 (+16% vs. 2013) and at €288m in 4Q14 (+15% vs.
4Q13)
ROE of the core business lines at 12.2% in 2014, +200bps vs. 2013
Significant increase in EPS(2): up 26% in 2014 vs. 2013, to €0.39
Return to
shareholders &
financial
structure
€0.20 ordinary dividend(3) per share for 2014 payable in cash, i.e. a 51% pay-out ratio(2)
€0.14 exceptional dividend(3) per share payable in cash, following the capital released by the listing of Coface
Basel 3 CET1 ratio(4) reached 11.4% as of end-December 2014, i.e. a 100bps increase vs. end-December 2013
after distribution
Reallocation of capital to the core businesses almost completed:
 Closing of GAPC as of end-June 2014
Strategic
progress
 Listing of 59% of Coface capital
Reinforcement of Investment Solutions division weight in core businesses:
 Creation of the unique Insurance division
 Acquisition project of DNCA(5). After transaction, 35% of capital allocated to Investment solutions division
3
February 19, 2015
(1) See note on methodology (2) Excluding FV adjustment on own senior debt (3) Proposal presented to the May 19th, 2015 Shareholders’ General Meeting (4) Based on CRR-CRD4 rules as reported on June 26, 2013,
including the Danish compromise - without phase-in except for DTAs on tax loss carryforwards (5) The transaction is notably subject to the consultation process with employee representatives, to regulatory approvals and
the approval of the Competition Authority
Agenda
1. 2014 and 4Q14 results
2. Financial structure
3. Business division results
4. New Frontier strategic progress
5. Conclusion
4
February 19, 2015
Exceptional items
Exceptional items - in €m
4Q14
Restructuring costs
Corporate center (Expenses)
4Q13
(82)
Gain from disposal of Natixis's stake in Lazard
Corporate Center in 2Q14 (Net revenues)
(1)
2013
(82)
99
First application of IFRS 13 (1Q13) and change in related methodologies
(2Q14) and FVA impact 4Q14
FIC-T (Net revenues)
(82)
(119)
Impairment in Corporate Data Solution goodwill (Financial Investments)
and Others (Financial Investments/Corporate Center)
(8)
(62)
Gain from disposal of operating property assets (3Q14)
Corporate Center (Gain or loss on other assets)
5
2014
72
75
Impact on pre-tax profit
(90)
(82)
(7)
(10)
Impact on net income
(61)
(51)
24
(5)
FV adjustment on own senior debt(1) – in €m
Corporate Center (Net revenues)
4Q14
4Q13
2014
2013
Impact on pre-tax profit
(18)
(91)
(208)
(195)
Impact on net income
(12)
(55)
(135)
(121)
Total impact on net income (gs) - in €m
(73)
(105)
(111)
(125)
February 19, 2015
See note on methodology
2014 results: 16% rise in net income (gs) excluding GAPC vs.
2013
• 2014 net revenues increased by 5% vs.
2013 driven by the strong momentum of all
the core businesses, recording a 7%
increase in net revenues over the same
period
Pro forma and excluding exceptional items(1)
In €m
• Expenses under control:
 Cost/income ratio down by 1.2pp to
69.6% in 2014 vs. 2013
 10% increase in gross operating
income vs. 2013 thanks to a
positive jaws effect
• Significant improvement in cost of risk in
2014 to -€300m (-22% vs. 2013)
• Net income (gs) excluding GAPC up 16%
vs. 2013, to €1,277m
• 2014 ROTE at 9.4%, a 40bps increase over
the year
• Significant increase in
2014 to €0.39
EPS(2) :
• Estimated impact of systemic
2015: ~ 80M€ in net income
+26% in
in
7,343
5%
6,980
6,496
7%
(5,391)
(5,196)
4%
Gross operating income
2,352
2,147
10%
Provision for credit losses
(300)
(385)
(22)%
2,095
1,786
17%
(742)
(667)
11%
(76)
(14)
1,277
1,105
(28)
(3)
Net income (gs)
1,249
1,102
ROTE excl. GAPC
9.4%
9.0%
of which core businesses
Expenses
Pre-tax profit
Income tax
Minority interest
Net income (gs) excl. GAPC
GAPC after tax
in €m
(1)
(2)
February 19, 2015
Excluding FV adjustment on own senior debt
2014
Net income (gs) – including
exceptional items
(5)
1,273
1,097
FV adjustment on own senior debt (net of
tax)
2014
16%
13%
2014
vs. 2013
2013
24
Exceptional items
Net income (gs) – reported
6
2014
vs. 2013
2013
7,743
Net revenues
in €m
taxes
2014
2013
(135)
(121)
1,138
976
16%
2014
vs. 2013
17%
4Q14 results: 15% rise in net income (gs) excluding GAPC vs.
4Q13
Pro forma and excluding exceptional items(1) - In
€m
4Q14
4Q14
vs. 4Q13
4Q13
1,994
1,877
6%
1,801
1,657
9%
(1,440)
(1,339)
8%
554
538
3%
Net revenues
of which core businesses
• 4Q14 core businesses net revenues
increased by 9% vs. 4Q13 notably
driven by Asset management
Expenses
(78)
(96)
(18)%
• Change in expenses (+8% vs. 4Q13) in
line with the momentum in the core
businesses activity
Pre-tax profit
483
451
7%
(167)
(195)
(14)%
Minority interest
(28)
(5)
288
251
• Cost of risk down 18% over the quarter
to -€78m
Income tax
15
GAPC after tax
Net income (gs)
288
266
• 4Q14 net income (gs) excluding GAPC
up 15% vs. 4Q13 to €288m
ROTE excl. GAPC
• Reported net income (gs) rose 34% vs.
4Q13 to €215m
in €m
Exceptional items
(61)
(51)
• 30bps improvement in ROTE year-onyear to 8.3%
Net income (gs) – including
exceptional items
227
215
in €m
7
(1)
February 19, 2015
15%
8.3%
4Q14
4Q14
8%
8.0%
4Q13
4Q13
FV adjustment on own senior debt (net of
tax)
(12)
(55)
Net income (gs) – reported
215
161
4Q14
vs. 4Q13
5%
4Q14
vs. 4Q13
34%
Substantial improvement in core business cost of risk in 2014
• Core business cost of risk(1) at
40bps in 4Q14 and 38bps in
2014, a significant decline vs.
one year before
Cost of risk(1) of the core businesses expressed in bps of loans
outstanding
56
49
55
53
40
• Confirmation of the cost of risk
guidance: 30/35bps through the
cycle
53
45
38
40
25
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
2013
2014
Cost of risk of the core businesses, in €m
• Strong improvement in cost of
risk in 2014 in the Wholesale
Banking division at €186m
(-40% vs. 2013)
99
89
98
381
286
94
69
80
264
194
71
44
1Q13
8
(1)
2Q13
3Q13
4Q13
1Q14
February 19, 2015
Annualized quarterly cost of risk on total amount of loans outstanding (excluding credit institutions), beginning of period
2Q14
3Q14
4Q14
2013
2014
Agenda
5. Conclusion
9
February 19, 2015
Basel 3 CET1 ratio(1) at 11.8% as of End-December 2014, before
exceptional dividend
+7bp
+21bp
+9bp
-12bp
-44bp
11.5%
Sept. 30,
2014
4Q14 result
Additional
ordinary
dividend 2014
RWA
effects
9,7%
11.8%
FX effects
and others
'Dec. 31, 2014
11,4%
11.4%
Exceptional
'Dec. 31, 2014
dividend impact
after
exceptional
dividend
• +25bps rise in CET1 vs. September 30, 2014 and +140bps rise over the year excluding
the exceptional dividend
• €0.20 ordinary dividend(2) per share for 2014 payable in cash
• €0.14 exceptional dividend(2) per share payable in cash, related to the listing of 59% of
Coface capital at the end of 2Q14
• Capital and risk-weighted assets under Basel 3(1) stood at €13.1bn and €115.1bn
respectively as of December 31, 2014 post dividend
• Leverage ratio(3) above 3% at end-December 2014
• LCR above 100% since January 1st, 2014
10
(1)
(2)
(3)
February 19, 2015
Based on CRR-CRD4 rules as reported on June 26, 2013, including the Danish compromise - without phased-in except for DTAs on tax loss carryforwards
Proposal presented to the May 19th, 2015 Shareholders’ General Meeting
Based on delegated acte rules, without phased-in except DTAs on tax loss carry forward
Agenda
5. Conclusion
11
February 19, 2015
Wholesale
Banking
Significant improvement in 2014 profitability and
development of our key franchises
Figures excluding exceptional items(1)
In €m
4Q14
Net revenues
• Strong increase of 4Q14 net revenues vs.
4Q13 (+8%) and vs. 3Q14 (+5%)
• 4% rise in 2014 net revenues in line with the
strategic plan targets despite a difficult
context for the capital market businesses
• 8%
increase
in
net
revenues
from
international areas between 2013 and 2014
• Significant improvement of cost of risk over
the quarter (-45%) & over the year (-40%)
• Strong rise in pre-tax profit to €218m in 4Q14
(+30% vs. 4Q13) and to €1,023m in 2014
(+24% vs. 2013)
• 210bps progress in ROE in 2014 to 9.7%
652
8% 2,899
4%
(444)
(396)
12% (1,712)
3%
Gross operating
income
262
256
2% 1,188
4%
Provision for credit
losses
(48)
(88)
Pre-tax profit
218
168
Expenses
60.8%
57.9%
54.6%
4Q13
1Q14
2Q14
(186)
(40)%
30% 1,023
24%
61.5%
62.9%
3Q14
4Q14
59.3%
59.0%
2013
2014
ROE after tax(1) (Basel 3)
4Q13
(1)
(45)%
Cost/income ratio(1)
11.4%
9.0%
6.3%
February 19, 2015
4Q14
2014
2014
vs. 4Q13
vs. 2013
705
10.1%
12
4Q13
1Q14
2Q14
3Q14
8.4%
7.6%
4Q14
2013
9.7%
2014
Good performance in Financing and Equity activities,
resilience of Fixed income
Wholesale
Banking
Capital markets
Financing activities
Figures excluding exceptional items(1)
Structured financing
FIC-T
€8.3bn new loan production in 4Q14 totaling €28bn in 2014,
allowed by the strong momentum achieved by the Global Energy
& Commodities and Real Estate Finance businesses
5% rise in 2014 net revenues vs. 2013 allowed by a good level
of fees
 #2 bookrunner in real estate finance in EMEA in 2014
(Foreign Exchange, Interest Rate, Commodities & Treasury)
Net revenues excluding FVA impact (-€82m in 4Q14) up 14% vs.
4Q13
Good momentum in the Debt platform: +6% in net revenues
between 2014 and 2013
 Rankings:
(Source:
Dealogic)
•
#1 bookrunner in Primary bond market in euros in 2014
for French issuers (Source: Dealogic)
•
#1 bookrunner in Primary bond market in covered
bonds in euros in 2014 (Source: Dealogic)
Commercial banking
Equity
€6.4bn new loan production in 4Q14 totaling €16bn in 2014
3% increase in 2014 net revenues vs. 2013, including a lower
activity in equity-backed financing and a higher contribution
from Equity derivatives (+28%)
Net revenues increased 11% over the quarter & 6% over the
year driven by the dynamic business activity with corporates
Change in net revenues, in €m
361
391
366
373
Change in net revenues, in €m
386
1,435
1,104 558
831
259
290
267
273
273
Commercial
banking
102
101
99
99
113
388
412
4Q13
1Q14
2Q14
3Q14
4Q14
2013
2014
February 19, 2015
1,414
410
304
1,047
788
788
(1)
1,423
1,516
Structured
financing
13
Very good performance in Advisory business including a 51%
growth in ECM revenues
FIC-T
Equity
214
351
231
322
330
284
222
244
1,005
518
981
X
90
120
126
100
86
418
432
4Q13
1Q14
2Q14
3Q14
4Q14
2013
2014
Significant growth in net revenues and profitability
over the year
• Strong growth in 2014 net revenues
(+15%) driven by all three business lines
• Gross operating income up 10% in the
quarter and up 25% in 2014 vs. 2013
• 2014 ROE(1) reached 15.4%, +190bps vs.
2013
In €m
25% increase in 2014 global turnover vs. 2013 to €6bn thanks
to strong commercial dynamics with the retail networks
Life insurance:
•
turnover up by 32% in 2014 vs. 2013
•
€41.8bn AuM as of end-December 2014, a 7% increase
year-on-year, including positive net inflows of €1.4bn in
2014 vs. €0.4bn in 2013
4Q14
4Q14
4Q13 vs. 4Q13
2014
vs. 2013
2014
Net revenues
772
682
13%
2,818
15%
o/w Asset management
599
511
17%
2,136
17%
o/w Insurance
134
120
11%
528
16%
33
37
(10)%
128
3%
(553)
(482)
15%
(2,004)
12%
219
200
10%
815
25%
2
18
223
223
o/w Private banking
Expenses
Insurance
Investment
Solutions
Pre-tax profit
5
stable
817
20%
Cost/income ratio
70.7%
73.4%
4Q13
1Q14
69.4%
70.1%
71.6%
73.3%
2Q14
3Q14
4Q14
2013
71.1%
9% increase in turnover in the P&C Insurance business in
2014 vs. 2013
16% rise in 2014 net revenues vs. 2013 and 21% in GOI over
the same period
2014
ROE after tax(1) (Basel 3)
Private banking
Net inflows reached €1.4bn as of end 2014 vs. €0.3bn end 2013
AuM stand at €24.7bn at end 2014 rising by 10% vs. end 2013
17.9%
4Q13
14
(1)
February 19, 2015
13.9%
15.8%
15.9%
16.1%
13.5%
1Q14
2Q14
3Q14
4Q14
2013
15.4%
2014
Investment
Solutions
Asset management: €28bn record net inflows in 2014
Asset management
• €32.5bn record net inflows (excluding money market
funds) in 2014 with a good product diversification:
 €23bn in fixed income
 €12bn in equity products
• Limited net outflows in money market funds despite a
difficult context with short-term interest rates: -€5bn in 2014
• €4bn net inflows in 4Q14 (€5.5bn excluding money
market funds)
• Total AuM increased by 17% year-on-year with a
favorable product mix leading to +17% rise in net revenues in
2014 vs. 2013 (+16% at constant exchange rates)
• 160bps improvement in 2014 cost/income ratio leading
to a 19% increase in pre-tax profit
Change per geographical area
Expenses
Gross operating
income
Pre-tax profit
525
+14%
383
+26%
17%
2,136
17%
(434) (379)
15%
(1,567)
14%
25%
569
24%
164
132
2
14
166
148
3
12%
February 19, 2015
+7%
Europe
2014 net revenues and AuM as of end-December 2014
15
561
+45
+8%
341
In €bn
US
2014
vs. 2013
511
+28
AuM
2014
+33
1,354
In €m
599
Net revenues
4Q14
vs. 4Q13
Assets under management, in €bn
Per asset manager
Net
revenues
4Q14 4Q13
In €m
%
2014 vs. 2013
629
629
AuM
Dec. 31,
2013
Net
inflows
736
657
FX &
perimeter
effects
702
Market
effect
AuM
Dec. 31,
2014
19%
Good resilience in Specialized financing activities and
substantial improvement in profitability
• 2014 net revenues rose 1% vs. 2013 in a
challenging French economic environment
• Costs under control, stable in 2014 vs.
2013 leading to a 60bps improvement in
the cost/income ratio
• 4% decline in cost of risk to -€76m in 2014
• 2014 pre-tax profit increased by 8% vs.
2013
• 2014 ROE up by 170bps vs. 2013, to 15.6%
Specialized financing
Consumer Finance: 9% increase in outstanding (end of
period) in 2014 vs. 2013
4Q14
In €m
4Q13
Employee benefit schemes: 6% growth in AuM between
end-December 2014 and end-December 2013, to €23.2bn
Payments: 19% increase in number of bank cards in
circulation and 4% rise of electronic banking transactions
processed vs. end-December 2013
(1)
February 19, 2015
2014
2014
vs. 2013
323
stable
1,262
1%
Specialized financing
192
194
(1)%
739
1%
Financial services
132
129
2%
523
stable
(215)
(219)
(2)%
(832)
stable
109
104
5%
430
2%
(22)
(20)
10%
(76)
(4) %
86
85
1%
370
8%
Expenses
Pre-tax profit
Change in the cost/income ratio
67.7%
65.8%
65.5%
66.1%
66.3%
4Q13
1Q14
2Q14
3Q14
4Q14
66.5%
65.9%
2013
2014
Change in ROE after tax(1) (Basel 3)
14.4%
4Q13
16
4Q14
vs. 4Q13
324
Net revenues
Sureties & financial guarantees: net revenues rose 13% in
4Q14 vs. 4Q13 and 11% in 2014 vs. 2013
Financial services
SFS
17.0%
14.5% 16.1%
1Q14
2Q14
3Q14
14.9%
13.9%
4Q14
2013
15.6%
2014
Substantial improvement in 2014 combined ratio
Turnover(1), in €m
+1.6%
• Turnover(1) rose almost 2% in 2014 in
line with the targets
+1.1%
• 2014 net revenues(2) rose 5% vs. 2013
to €707m
• Expenses(2) under control, down by 1%
in 2014 vs. 2013 and down 5% in
4Q14 and vs. 4Q13
(1)
(2)
(3)
4Q13
4Q14
2013
2014
- 3.8pp
• Improvement in the 2014 cost ratio to
29.3%
17
367
1,461
Credit insurance, ratios net of reinsurance(3), in %
• Efficient risk management: 3.4pp drop
in the loss ratio in 2014 vs. 2013
• Combined ratio: -3.8pp decrease to
79.7% in 2014 vs. 2013, as announced
at the IPO
363
1,438
Cost
ratio
Loss
ratio
86.1
83.5
34.1
29.7
82.5
77.3
78.3
76.4
33.7
25.0
28.8
29.0
48.8
52.3
49.5
47.4
52.1
4Q13
1Q14
2Q14
3Q14
4Q14
53.8
2013
79.7
29.3
50.4
2014
February 19, 2015
At constant perimeter and exchange rates
At constant perimeter and exchange rates - excluding exceptional items
Pro forma realized on the loss ratio: participation in profit sharing is charged to premiums (turnover) and no longer included with claims expenses. Pro forma realized on the cost ratio: the “value-added
contribution” (CVAE) is removed from insurance management expenses and charged to taxation.
Agenda
5. Conclusion
18
February 19, 2015
Wholesale
Banking
Profitable development of our key franchises
Selective growth
2014(1)
Asset light model deployment
 Acceleration of the balance sheet rotation with O2D: 35% increase in new
loan production vs. 2013 with a limited 3% growth in outstanding for the
same period(2)
 Better positioning in Structured financing: increased number of «lead left»
roles in complex transactions and 33% of arrangement fees in 2014 net
revenues, of which 39% in 4Q14
 Reinforcement in Advisory business: project(3) to acquire a leading
structure to Banca Leonardo in M&A for Midcap and Advisory for
investment Funds
Growth in Equity derivatives
 Strong development since the new organization set up: +28% in net
revenues in 2014
CIR
59.0%
ROE
9.7%
RWA
-3%
vs. 2013
RoE
2014
(9.7%)
2013
(7.6%)
International ambitions
 8% rise in net revenues from international areas between 2013 and 2014,
including strong performances from Americas
Allocated
capital
Increased efficiency
Global transaction banking repositioning
 Rationalization and redeployment in line with targets
 50% increase in corporate deposits between 2013 and 2014
Change in Cash equity
 Merger of equity research, credit and economic within the same
department
19
(1)
(2)
(3)
February 19, 2015
O2D perimeter
The transaction is subject to the consultation process with employee representatives
- Expected ROE growth to
realized by a half in one year
2017
- Reduced capital allocation vs. the
level planned for the strategic plan
2014, a year marked by innovation, operational efficiency
improvement and profitability
2014
Intensification of relationship with BPCE networks and
Natixis customers:

6% growth in lease financing with BP and CE networks
vs. 2013

Factored turnover realized
increased by 17% vs. 2013
with
Natixis
customers
Operational efficiency and digital innovation:

The new dematerialized voucher Apetiz® started in
march 7, 2014, designed with Natixis Payments
business

The management platform production for Consumer
financing developed with BNPP Personal Finance started
on October 25, 2014

Partecis: partnership with BNP Paribas related to
electronic banking renewed on January 26, 2014 for 12
years
SFS
CIR
< 66%
ROE
15.6%
RWA
-5%
vs. 2013
RoE
2014
(15.6%)
2013
(13.9%)
Allocated
capital
2014 ROE increased by 170bps vs. 2013 with:
20

A stable level of expenses at €832m

A tight control in cost of risk, down 4% to €76m

An optimized management of the scarce resources: 5%
decline in RWA
February 19, 2015
 Less use of allocated capital
 In line with the 2017 profitability
target
New Frontier: business model transformation of
Asset management in Europe
 Multi-affiliates
+7% in AuM
development
in
Europe:
in €bn
Natixis Asset Management
 Ramp up of H20 and development of new diversified
expertise, notably Mirova (SRI)
 Globalization of NAM Fixed-Income strategy and
diversification in high value added expertise (RE loan
and Infrastructure, credit L/S,…)
 Optimization and
capacity in Europe
Affiliates
growth
in
distribution
Investment
Solutions
AuM
12/31/2014
305
Mirova (SRI)
5
H2O Asset Management (Global Macro)
6
AEW Europe (Real estate)
Others affiliates
16
9
Total
341
NGAM-D international plateform key figures
(except US)
 French platform integration in the international NGAM-D
platform (except. US) at the end of 2013 to accelerate
the sales growth
FTE 2014/2013
+13%
 Significant reinforcement of the NGAM-D platform team
2014 LT gross inflows
$32bn
 US retail strategy deployment in Europe
2014 LT net inflows
$14bn
and pooling of marketing and communication resources
 Successful first steps for the European model transformation
 Needful reinforcement in equity expertise and wealth management solutions for European
retail clients
21
February 19, 2015
Investment
Solutions
DNCA: leading equity/diversified expertise
 Creation in 2000 in Paris, operating also in Italy,
Luxembourg, Germany and Switzerland
Asset under Management (€bn)
14.2
 €14.2bn in AuM as of end-december 2014, x3 in 5 years,
an €13.3bn of average AuM in 2014
5.2
 76 employees o/w
recognized expertise
2012
24
portfolio
managers
with
9.0
a
 A diversified offer with large size of Funds:
 Wealth management Funds (Diversified & Flexible)
 Equity Value strategy - France and Europe
2013
Breackdown of inflows by distribution channel
end-December2014
 Equity Growth strategy - Europe & Global
 Absolute return
37%
 Largely retail customers / >40% out of France
 A very good track record overtime and a
strong brand
 A high level of profitability since several
years and a sustained growth in the GOI
22
February 19, 2015
13%
5%
45%
 Funds with solid performances recorded in the long
term, 73% of the AuM ranked 5* Morningstar and
17% ranked 4*
 A entrepreneurial spirit compatible with our
set up
2014
Institutional
Multi-managers
IFAs
Private banking
Financial results
in €m
Net revenues
2014
133
Expenses
35
97
Net revenues/ average AuM
>90bps
Synergies and development potential for NGAM
in Europe
Investment
Solutions
Positive contribution from DNCA to our current
fundamentals
A efficient distribution platform which allowed
the further development of DNCA
 Enlargement of expertise to sustain our development
strategy with retail clients in Europe, fuelled by a
unique combination of Funds
 Acceleration of products’ distribution out of DNCA
core markets (France and Italy)
 Significant improvement in average level of margin
through the reinforcement of our high value added
European assets
 Investment plan (IT and FTEs) to reinforce the
control functions and support the rapid growth
 Deployment of DNCA offer to institutional clients
AuM breakdown by asset class in Europe
Excluding insurance mandate
12/31/13
12/31/14
Current presence
Short term
development
MLT
development
56%
44%
49%
51%
DNCA
Equity, diversified, alternatives and structured products
Other products
LATAM
MENA/
ASIA
 Strong development expected with retail customers notably fuelled by DNCA products
 Reinforcement in high value added product exposure and in the range of expertise
 Additional inflows potential on the top of the €75bn target
23
February 19, 2015
Value creation for Natixis shareholders
Project(1) to acquire 71.2% of DNCA capital in
2Q15 for €549m in cash

The investment represents 3.9% of the AuM at
end-2014

2014 GOI multiple of 7.9x (average AuM of
€13.3bn in 2014) and 7.3x on 2015 estimated
GOI (AuM at end-January 2015 >€14.5bn)

Day-one transaction’s ROI of 8%

Interests aligned with management through (i) a
progressive exit for ordinary shares mechanism
over 5 years (2021) and (ii) the set up of a
additional incentive system
Investment
Solutions
Satisfactory level of profitability
in a very attractive industry
Exit of institutional investors and
interests
alignment
with
management
Target
confirmed
for
Investment Solutions’ ROE level
above 15% in 2017
Global investment of €713m
Around 70bps estimated impact on the CET1
ratio in 2Q15
24
~ 4% accretive impact of the
transaction on the Natixis
2014 EPS
February 19, 2015
(1) The transaction is notably subject to the consultation process with employee representatives, to regulatory approvals and the approval of the Competition Authority
Insurance platform constitution to serve Groupe
BPCE retail networks
Life-insurance
Life-insurance - AuM in €bn
 New partnership with CNP: new business production
with Caisses d’Epargne starting early 2016 and 10%
reinsurance on existing stock by Natixis Assurances
 Around €60bn potential of AuM increase with the 2
networks up to 2022
 Natixis AM confirmed for CNP’s AuM coming from
Caisses d’Epargne clients
 AuM increased by 7% in 2014 vs. 2013
 Good momentum in sales of unit-linked contract realized
with private banking
Investment
Solutions
+7%
41.8
39.2
2013
2014
Insurance business – GOI in €m
Non life-insurance
 Acquisition of 60% of BPCE Assurances
+21%
 More than 1 million of contract sold in 2014, +12% vs.
2013
Borrower insurance
 Co-insurance between Natixis Assurances (34%) and
CNP (66%) starting early of 2016 with the Groupe BPCE
retail networks
188
2013
227
2014
 GOI growth in Insurance business: +21% vs. 2013
 Increase in Insurance business contribution to Core businesses’ net revenues: 8% in 2014
vs. 4% in 2013
25
February 19, 2015
2014, an important year in the execution of
New Frontier plan
Investment
Solutions
2014

DNCA: a acquisition project which respects
Natixis investments criteria:

Good level of immediate investment return
and ROE target confirmed for Investment
Solutions division (> 15% in 2017)

Adequacy with AM industrial plan

Entrepreneurial spirit, in line with our multiaffiliates model

NGAM US: a record year thanks to
affiliates and the distribution platform
our

Insurance: constitution of the unique division
realized and leading commercial performances
CIR
71.1%
ROE
15.4%
AM
net inflows
€28bn
RoE
2014
(15.4%)
2013
(13.5%)
Allocated
capital
2017 profitability
from 2014
26
February 19, 2015
target
realized
Agenda
5. Conclusion
27
February 19, 2015
New Frontier is well engaged and its implementation will accelerate

The first step of the strategic plan was successfully reached
 Capital re-deployment to our key franchises: 94% allocated capital to our core businesses at end2014 vs. 87% end-2013
 Optimization of the core businesses scarce-resources with a 2% decline in RWA and 3% in liquidity
needs over one year
 ROE of the core businesses at 12.2% in 2014, +200bps vs. 2013
 Significant increase in EPS(2): up 26% in 2014 vs. 2013, to €0.39

The strategic re-deployment to Investment Solutions division will accelerate
 Investment Solutions represents 35% of core business allocated capital (vs. 29% end-2013), with
BPCE Assurances and DNCA acquisition project
 Further deployment of « Assurément 2016 » program
 DNCA acquisition(3): reinforcement of equity expertise in Europe and wealth management solutions
for European retail customers

Dividend policy confirmed
 25% improvement in ordinary dividend(4) in cash to €0.20 per share, confirming the ability to deliver
a ≥ 50% pay out ratio
 Exceptional dividend(4) in cash €0.14 per share allowed by the 59% disposal of Coface
28
(1)
February 19, 2015
See note on methodology (2) Excluding FVA on own senior debt (3) The transaction is notably subject to the consultation process with employee representatives, to
regulatory approvals and the approval of the Competition Authority (4) Proposal presented to the May 19th, 2015 Shareholders’ General Meeting
A
29
February 19, 2015
Appendix – Detailed Results (4Q14)
Contents
Natixis’ income statment
Financial structure and balance-sheet
Note on methodology
31
Regulatory capital and financial structure – Basel 3
42
4Q14: from data excluding exceptional items to reported
data
32
Capital Allocation
43
Natixis – Consolidated
33
Refinancing
44
4Q14 breakdown by business line
34
Consolidated balance sheet
45
2014 breakdown by business line
35
Business line income statment
Risks
Wholesale Banking
36
EAD
46
Investment Solutions
37
VaR
47
Specialized Financial Services
38
Doubtful loans
48
Financial Investments
39
Corporate Center
40
GAPC
41
30
February 19, 2015
Note on methodology
Note on methodology:
> 2013 figures are pro forma:
(1) of the acquisition by Natixis of Groupe BPCE’s 60% stake in BPCE Assurances. The BPCE Assurances acquisition was realized on March 13th, 2014 with a
retroactive effect as of January 1st, 2014. 40% of BPCE Assurances capital is still owned by MACIF and MAIF. The figures used for the pro forma income
statement are based on BPCE Assurances contribution to Groupe BPCE consolidated accounts reported in 2013.
(2) of the reclassification of the 15% Natixis share in CACEIS from the Securities services business (Specialized Financial Services) to the Corporate Center since
1Q13.
(3) of the sale of Cooperative Investment Certificates (means the pro forma of the effective sale on August 6, 2013 of all CCIs held by Natixis to the Banques
Populaires and the Caisses d’Epargne).
> Business line performance using Basel 3 standards:
Starting in 2013, the performances of Natixis business lines are presented using Basel 3 standards. Basel 3 risk-weighted assets are based on CRR-CRD4 rules as
published in June 26th, 2013 (including Danish compromise treatment for qualified entities).
Capital is allocated to Natixis business lines on the basis of 9% of their Basel 3 average risk weighted assets.
Annualized ROTE is computed as follows: net income (group share) – DSN net interest/average net assets after dividend – hybrid notes – intangible assets
– average goodwill. And, since 3Q13, this ratio include goodwill and intangible assets by business lines to determinate the ROE ratio of businesses (figures are pro
forma in this presentation).

The remuneration rate on normative capital is still 3%.

Own senior debt fair-value adjustment calculated using a discounted cash-flow model, contract by contract, including parameters such as swaps curve, and
revaluation spread (based on the BPCE reoffer curve).

Exceptional items: figures and comments on this presentation are based on Natixis and its businesses income statements excluding exceptional items detailed
page 5. Natixis and its businesses income statements including exceptional items (reported data) are available in the appendix of this presentation.
31
February 19, 2015
4Q14 results: from data excluding exceptional items to reported data
4Q14
4Q14
excl.
exceptional
items
in €m
Net revenues
Expenses
1,994
FV Adjustment
on own senior
debt
Others
FVA
impact
(18)
(11)
(82)
(18)
(11)
(82)
(1,440)
4Q14
reported
1,883
(1,440)
554
(78)
(78)
9
9
Associates
Gain or loss on other assets / Change in value of goodwill
Pre-tax profit
Tax
(2)
483
(167)
Minority interest
(28)
Net income (group share)
288
32
February 19, 2015
3
(18)
(8)
6
443
1
(82)
29
376
(133)
(28)
(12)
(8)
(53)
215
Natixis – Consolidated(1)
in €m
1Q13
Net revenues
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
vs. 4Q13
4Q14
2013
2014
vs. 2013
2014
1,905
1,772
1,742
1,821
1,881
2,032
1,715
1,883
3%
7,240
7,512
4%
(1,300)
(1,320)
(1,305)
(1,358)
(1,325)
(1,372)
(1,302)
(1,440)
6%
(5,285)
(5,439)
3%
605
452
437
462
556
661
413
443
(4) %
1,955
2,073
6%
(96)
(42)
(96)
(87)
(78)
(85)
(61)
(78)
(11) %
(321)
(302)
(6)%
Associates
5
5
3
7
11
9
11
9
37%
21
40
96%
Gain or loss on other assets
2
0
0
15
0
(23)
88
13
(14) %
17
78
Change in value of goodwill
0
0
0
(14)
0
(38)
0
(12)
(14) %
(14)
(51)
515
414
345
383
488
523
451
376
(2) %
1,658
1,838
11%
(183)
(147)
(120)
(167)
(172)
(176)
(144)
(133)
(20)%
(617)
(624)
1%
4
(8)
(5)
(5)
(7)
(14)
(27)
(28)
(14)
(76)
Net income (group share)
336
259
221
211
309
333
281
215
1,027
1,138
P3CI & other impacts
(47)
(47)
34
(10)
0
0
0
0
(70)
0
0
0
0
(51)
0
0
0
0
(51)
0
290
212
255
150
309
333
281
215
907
1,138
Expenses
Pre-tax profit
Tax
Minority interest
Restructuring costs (net of tax)
Reported net income (group share)
33
(1)
February 19, 2015
2%
43%
11%
25%
Natixis – Breakdown by Business division
4Q14
in €m
Net revenues
Wholesale
Banking
Invest.
Solutions
Fin.
Invests.
SFS
Corp.
Center
Natixis
reported
624
772
324
195
(31)
1,883
(444)
(553)
(215)
(181)
(48)
(1,440)
180
219
109
14
(79)
443
(48)
2
(22)
(4)
(7)
(78)
Net operating income
132
221
88
11
(86)
365
Associates
5
4
0
0
0
9
Other items
0
(3)
(2)
(12)
17
1
136
223
86
(1)
(68)
376
Expenses
Pre-tax profit
Tax
(133)
Minority interest
(28)
Net income (gs)
34
February 19, 2015
215
Natixis – Breakdown by Business division
2014
Wholesale
Banking
Invest.
Solutions
2,781
2,818
1,262
828
(184)
7,505
6
7,512
(1,712)
(2,004)
(832)
(692)
(151)
(5,391)
(48)
(5,439)
1,069
815
430
136
(335)
2,114
(41)
2,073
(186)
5
(76)
(10)
(33)
(300)
(2)
(302)
883
820
354
125
(368)
1,814
(43)
1,771
21
17
0
2
0
40
0
40
0
(20)
15
(51)
82
27
0
27
904
817
370
76
(286)
1,881
(43)
1,838
Tax
(639)
15
(624)
Minority interest
(76)
0
(76)
1,166
(28)
1,138
GAPC net of tax
(28)
Net income (gs)
1,138
in €m
Net revenues
Expenses
Associates
Other items
Pre-tax profit
35
February 19, 2015
Fin.
Invests.
SFS
Corp.
Center
Natixis
excl. GAPC
Natixis
reported
GAPC
Net income
(gs)
Wholesale Banking
1Q13
in €m
Net revenues
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
4Q14
vs. 4Q13
2013
2014
vs. 2013
2014
798
678
739
652
727
757
674
624
(4)%
2,867
2,781
(3)%
Commercial Banking
96
96
94
102
101
99
99
113
11%
388
412
6%
Structured Financing
246
263
280
259
290
267
273
273
6%
1,047
1,104
5%
Capital Markets
475
332
384
304
351
373
322
249
(18)%
1,495
1,295
(13)%
Fixed Income & Treasury
371
219
273
214
231
247
222
162
(24)%
1,077
863
(20)%
Equity
103
113
111
90
120
126
100
86
(4)%
418
432
3%
(18)
(12)
(18)
(13)
(16)
17
(21)
(11)
(15)%
(61)
(30)
(51)%
(432)
(414)
(415)
(396)
(420)
(433)
(414)
(444)
12%
(1,657)
(1,712)
3%
367
265
324
256
306
323
260
180
(30)%
1,210
1,069
(12)%
(82)
(72)
(71)
(88)
(52)
(61)
(24)
(48)
(45)%
(312)
(186)
(40)%
284
193
253
168
254
262
236
132
(22)%
898
883
(2)%
Associates
0
0
0
0
6
4
6
5
0
21
Other items
0
0
1
0
0
0
0
0
1
0
284
193
254
168
260
266
242
136
899
904
54.1 %
61.0 %
56.2 %
60.8 %
57.9 %
57.3 %
61.5 %
71.1 %
57.8 %
61.6 %
Other
Expenses
Pre-tax profit
Cost/Income ratio
RWA (Basel 3 – in €bn)
Normative capital allocation (Basel 3)
ROE after tax
36
(1)
(1)
(Basel 3)
(19)%
1%
77.8
76.5
74.3
74.5
76.0
77.8
74.7
72.2
(3)%
74.5
72.2
(3)%
6,950
7,146
7,028
6,830
6,804
6,944
7,102
6,821
stable
6,989
6,918
(1)%
10.5 %
6.9 %
9.3 %
6.3 %
10.1 %
10.0 %
9.0 %
5.3 %
8.2 %
8.6 %
February 19, 2015
Normative capital allocation methodology based on 9% of the average RWA-including goodwill and intangibles
1Q13
in €m
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
vs. 4Q13
4Q14
2013
2014
vs. 2013
2014
Net revenues
547
624
594
682
647
710
689
772
13%
2,447
2,818
15%
Asset Management
415
458
448
511
488
527
522
599
17%
1,832
2,136
17%
Private Banking
28
29
30
37
31
32
31
33
(10)%
124
128
3%
Insurance
93
126
117
120
126
139
129
134
11%
456
528
16%
Expenses
(415)
(451)
(445)
(482)
(475)
(493)
(483)
(553)
15%
(1,793)
(2,004)
12%
132
173
149
200
172
217
206
219
10%
654
815
25%
1
(2)
2
18
2
0
0
2
(88)%
19
5
(74)%
133
172
151
218
174
218
206
221
2%
673
820
22%
4
3
3
7
4
5
4
4
(37)%
17
17
2%
(2)
(6)
(2)
(1)
(2)
(10)
(6)
(3)
(12)
(20)
67%
135
169
151
223
177
213
204
223
678
817
20%
75.9 %
72.2 %
74.9 %
70.7 %
73.4 %
69.4 %
70.1 %
71.6 %
73.3 %
71.1 %
12.6
12.8
12.9
12.7
12.8
13.0
13.0
13.8
8%
12.7
13.8
8%
3,428
3,521
3,516
3,473
3,450
3,488
3,517
3,632
5%
3,485
3,522
1%
11.7 %
12.4 %
11.9 %
17.9 %
13.9 %
15.8 %
15.9 %
16.1 %
13.5 %
15.4 %
Associates
Other items
Pre-tax profit
Cost/Income ratio
ROE after tax
37
(1)
(1)
(Basel 3)
February 19, 2015
Normative capital allocation methodology based on 9% of the average RWA – including goodwill and intangibles
stable
Specialized Financial Services
in €m
Net revenues
Specialized Financing
4Q14 vs.
4Q13
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
2013
2014
309
313
308
323
314
318
306
324
stable
1,253
1,262
2014 vs.
2013
1%
177
178
181
194
180
185
182
192
(1)%
731
739
1%
Factoring
34
37
36
37
37
36
23
37
(2)%
145
132
(9)%
Sureties & Financial Guarantees
29
30
30
30
32
36
31
34
13%
120
133
11%
Leasing
49
44
45
59
44
43
59
51
(14)%
199
198
stable
Consumer Financing
61
61
65
63
63
65
65
66
4%
249
258
4%
4
6
4
4
4
5
4
4
stable
18
17
(5)%
131
135
128
129
133
133
124
132
2%
523
523
stable
29
33
27
33
30
34
27
33
(1)%
122
123
Film Industry Financing
Financial Services
Employee Savings Scheme
1%
stable
Payments
76
75
75
71
77
74
74
73
3%
297
297
Securities Services
27
26
25
25
27
26
24
26
4%
104
103
(1)%
(205)
(206)
(203)
(219)
(207)
(208)
(202)
(215)
(2)%
(833)
(832)
stable
104
107
105
104
107
110
104
109
5%
420
430
2%
(18)
(19)
(22)
(20)
(19)
(16)
(20)
(22)
10%
(79)
(76)
(4)%
86
87
83
85
88
94
84
88
4%
341
354
4%
0
0
0
0
0
0
0
0
0
0
Expenses
Associates
Other items
Pre-tax profit
Cost/Income ratio
ROE after tax
38
(1)
(1)
(Basel 3)
0
0
0
0
0
0
17
(2)
86
87
83
85
88
94
101
86
66.3 %
65.9 %
65.9 %
67.7 %
65.8 %
65.5 %
66.1 %
66.3 %
1%
0
15
341
370
66.5 %
65.9 %
8%
15.4
14.9
14.3
15.1
13.9
14.1
13.5
14.4
(5)%
15.1
14.4
(5)%
1,571
1,618
1,569
1,512
1,554
1,500
1,520
1,465
(3)%
1,568
1,510
(4)%
14.0 %
13.8 %
13.6 %
14.4 %
14.5 %
16.1 %
17.0 %
14.9 %
13.9 %
15.6 %
February 19, 2015
Normative capital allocation methodology based on 9% of the average RWA- Included goodwill and intangible assets and pro forma of the reclassification of the 15% Natixis
share in CACEIS from the Securities services business to the Corporate Center since 1Q13
1Q13
in €m
Net revenues
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
4Q14
vs. 4Q13
2013
2014
vs. 2013
2014
215
225
197
218
213
211
209
195
(10)%
855
828
(3)%
173
189
168
177
178
170
171
168
(5)%
706
687
(3)%
Corporate data solutions
29
21
23
28
21
21
20
21
(24)%
101
83
(17)%
Others
14
16
6
13
14
20
18
6
(54)%
48
58
20%
Expenses
(184)
(188)
(179)
(199)
(173)
(171)
(168)
(181)
(9)%
(749)
(692)
(8)%
31
38
18
19
40
40
41
14
(24)%
105
136
29%
0
(1)
(9)
3
(2)
(3)
(2)
(4)
(7)
(10)
45%
31
37
9
22
38
37
39
11
98
125
28%
Associates
1
2
1
0
0
1
1
0
4
2
(50)%
Other items
2
0
0
(8)
0
(38)
0
(12)
(6)
(51)
34
38
10
14
38
(1)
40
(1)
95
76
Coface
Pre-tax profit
39
February 19, 2015
(50)%
54%
(20)%
Corporate center(1)
1Q13
in €m
Net revenues
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
4Q14
vs. 4Q13
2013
2014
vs. 2013
2014
(6)
(19)
(89)
(89)
(33)
43
(163)
(31)
(65)%
(202)
(184)
(9)%
(42)
(38)
(41)
(43)
(34)
(34)
(35)
(48)
12%
(163)
(151)
(8)%
(48)
(56)
(130)
(132)
(67)
9
(198)
(79)
(40)%
(366)
(335)
(8)%
3
(2)
3
(9)
(8)
(3)
(16)
(7)
(26)%
(5)
(33)
(45)
(59)
(127)
(141)
(76)
7
(213)
(86)
(39)%
(371)
(368)
(1)%
Associates
0
0
0
0
0
0
0
0
39%
0
0
31%
Other items
2
6
2
10
1
(14)
77
17
68%
21
82
(43)
(53)
(125)
(130)
(74)
(7)
(136)
(68)
(47)%
(350)
(286)
Expenses
Pre-tax profit
40
(1)
February 19, 2015
Excluding restructuring costs and pro forma of the reclassification of the 15% Natixis share in CACEIS from the Securities services business to the
Corporate Center since 1Q13
(18)%
GAPC
1Q13
in €m
Net revenues
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
2013
2014
vs. 2013
2014
42
(50)
(7)
35
14
(7)
0
0
20
6
(67)%
(23)
(24)
(22)
(20)
(16)
(32)
0
0
(89)
(48)
(46)%
20
(74)
(30)
15
(2)
(39)
0
0
(69)
(41)
(40)%
0
54
1
8
1
(3)
0
0
64
(2)
Pre-tax profit
20
(20)
(28)
23
(1)
(42)
0
0
(5)
(43)
Net income
13
(13)
(18)
15
(1)
(27)
0
0
(3)
(28)
Expenses
41
February 19, 2015
Regulatory capital in 4Q14 & financial structure Basel 3
Regulatory reporting, in €bn
(3.2)
2.1
12.6
13.4
Basel 2.5
42
(1)
2Q14
CRD4
phased
3Q14
CRD4
phased
4Q14
CRD4
phased
CET1 Ratio
10.4%
10.9%
11.2%
10.9%
Tier 1 Ratio
11.3%
11.8%
12.2%
12.0%
Solvency Ratio
12.8%
13.7%
14.1%
13.8%
2Q13
3Q13
4Q13
In €bn
Core Tier 1 Ratio
10.6%
10.5%
11.6%
11.8%
Tier 1 Ratio
11.7%
11.7%
13.0%
13.2%
Solvency Ratio
13.9%
13.5%
15.0%
15.3%
14.9
14.3
13.1
13.3
126.8
122.5
100.7
101.2
In €bn
14.9
1Q14
CRD4
phased
1Q13
RWA
13.8
Basel 3
In €bn
Tier 1 capital
15.8
Total prudential Capital
13,0
Additional Tier 1
14,4
1.2
Tier 2 Capital
(1.4)
Tier 1 Capital
(0.6)
Other deductions
Dividend
Shareholder's equity
Goodwill & intangibles
14,9
CET1 capital
(1.1)
15,4
Hybrids reclassification
in Tier 1(1)
18.9
Tier 1 capital
RWA
13.6
13.9
14.1
13.8
120.3
118.0
115.3
115.2
3Q13
4Q13
1Q14
2Q13
3Q13
4Q14
Equity group share
17.7
17.9
18.2
17.8
18.5
18.9
Total assets
524
510
540
547
563
590
February 19, 2015
Including capital gain following reclassification of hybrids as equity instruments
Normative capital allocation
Normative capital allocation and RWA breakdown in 4Q14 – under Basel 3 – (inc. goodwill and intangibles)
RWA
(end of period)
in % of
the total
Goodwill and
intangibles
Average capital
allocation
beginning of period
Wholesale Banking
72.2
68%
0.1
6.8
5.3%
13.8
13%
2.5
3.6
16.1%
SFS
14.4
13%
0.3
1.5
14.9%
6.0
6%
0.2
0.8
106.4
100%
3.0
12.7
In €bn
TOTAL (excl. Corporate Center)
Reported
As of December 31, 2014, in €bn
Net book value(2)
(2,3)
Net tangible
16.4
book value
13.1
CET1 capital under Basel 3 – phased-in
DSN interest after tax
in €m
43
(1)
(2)
(3)
(4)
Net book value(2)
(2,3)
Net tangible
book value
Net BV per share(1)
5.27
4.20
12.6
Earnings per share(3)
2014
Natixis
As of December 31, 2014, in €
ROE
after tax
53
February 19, 2015
Calculated on the basis of 3,114,018,033 shares
Post distribution scheduled for 2014
Net tangible book value= Book value-goodwill-intangible assets
Including interest expenses on preferred shares
in €
Natixis’ ROE
2014
2014
Reported
0.35
Reported
6.7%
Excl. FV adjustment on own
debt
0.39
Excl. FV adjustment on own
debt and GAPC
7.7%
Groupe BPCE’s MLT refinancing(1)
€41.4bn in MLT resources raised in 2014 (138% of the 2014
program)
 €35.2bn raised in the BPCE MLT funding pool
 €6.1bn raised in the CFF MLT funding pool
 Average maturity at issue: 6.6 years
 Average rate: mid-swap + 45bps
MLT funding raised at Dec. 31, 2014
29%
2014(2)
Increased diversification of the investor base in
 48% of unsecured bond issues in the institutional market
denominated in currencies other than the euro vs. 30% in 2013:
notably, USD (33%), GBP (6%) and JPY (4%)
 Volume of these non-euro bond issues multiplied by a factor of 2 in
2014 (€13.5bn vs. €6.2bn)
2015 MLT funding plan of €25bn
 €20bn in the BPCE MLT funding pool
 €5bn in the CFF MLT funding pool
€7.0bn(3) raised by Groupe BPCE as at Feb. 10, 2015, equal to 28%
of the entire 2015 program
 Average maturity at issue: 5.8 years
 Average rate: mid-swap + 27bps
First Tier-2 yen-denominated Samurai bond issue launched by a
French bank
 January 23, 2015: 10-year bonds issued for a total of ¥48.3bn
(≈ €360m)
 Operation expresses the Group’s determination to continue
diversifying its investor base, including for its Tier-2 issues
• Liquidity reserves: €172bn at Dec. 31, 2014
 €61bn in liquid assets placed with central banks
 €111bn of available assets eligible for central bank funding
 Reserves equivalent to 120% of total short-term funding and MLT
and subordinate maturities ≤ 1 year
44
(1)
Unsecured bond issues
Covered bond issues
71%
Liquidity reserves and short-term funding(4)
142%
126%
112%
102%
148%
Liquidity reserve/ST funding,
as a %
120%
Liquidity reserves/(ST
funding + MLT and sub.
maturities ≤ 1 year), as a %
172
147
138
123
26
97
2
28
27
109
26
53
90
8
26
144
28
120
51
97
28
119
113
103
June 30,
2014
52
116
Dec. 31,
2014
MLT and sub. maturities ≤ 1
year
Short-term funding
outstandings
Assets eligible for the FED
Other eligible securities
Securities retained
61
38
29
Dec. 31,
2013
151
28
103
3
28
Private receivables eligible for
central bank funding
Liquid assets placed with
central banks
February 19, 2015
Natixis’ MLT refinancing is managed at BPCE level (2) On the basis of unsecured bond issues in the institutional market (3) Excluding private placements completed in February 2015 (4) Change in method on Dec.
31, 2013 following the adoption of new netting agreements between financial receivables and payables
Balance sheet
Assets (in €bn)
Cash and balances with central
banks
Financial assets at fair value
through profit and loss
Available-for-sale financial assets
12/31/2014 12/31/2013 (1)
56.6
40.9
254.6
218.7
44.8
40.6
178.9
167.4
2.8
3.0
Accruals and other assets
46.5
36.2
Investments in associates
0.7
0.6
Loans and receivables
Held-to-maturity financial assets
Tangible and intangible assets
2.7
2.6
Goodwill
2.8
2.7
590.4
512.7
Total
45
February 19, 2015
(1) pro forma of IFRS 10-11 impact
Liabilities and equity (in €bn)
Due to central banks
12/31/2014
0.0
12/31/2013 (1)
0.0
Financial liabilities at fair value
through profit and loss
220.6
186.3
Customer deposits and deposits from
financial institutions
195.9
188.3
Debt securities
56.6
40.7
Accruals and other liabilities
40.8
30.3
Insurance companies’ technical
reserves
50.7
44.7
Contingency reserves
1.6
1.4
Subordinated debt
4.0
3.1
Equity attributable to equity holders
of the parent
Minority interests
Total
18.9
1.3
590.4
17.9
0.0
512.7
EAD (Exposure at Default) at December 31, 2014
Regional breakdown(1)
Sector breakdown(2)
Administrations
Asia
Oceania
4%
Europe
2%
Africa
ME
3%
Latin
America
2%
EU
16%
North
America
19%
France
54%
Real Estate
6%
Oil / Gas
6%
Securitization
6%
Transport
4%
International Trade
4%
Distribution
3%
Electricity
3%
Base industries
2%
Holdings
2%
Automotive industry
2%
Community services
2%
Food & agric.
2%
Mechanical constr.
2%
Public works
1%
Services
1%
Consumer goods
1%
Tourism
1%
Pharma/Healthcare
1%
Medias
1%
Telecom
1%
Areonautics
1%
Technology
1%
Others
46
(1)
February 19, 2015
Outstanding : €325bn /
(2)
Outstanding excl. financial sector: €193bn
36%
10%
VaR(1)
12
€ million
10
8
6
4
2
-
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
• 4Q14 average VaR of €7.1m increasing by 14% vs. 3Q14
47
(1)
February 19, 2015
Including BPCE guarantee
Oct-14
Nov-14
Dec-14
Doubtful loans (inc. financial institutions)
in €bn
Doubtful loans(1)
Collateral relating to loans written-down(1)
Provisionable commitments(1)
Specific provisions(1)
Portfolio-based provisions
(1)
Provisionable commitments(1)/ Gross debt
Specific provisions/Provisionable commitments(1)
Overall provisions/Provisionable commitments
(1)Excluding GAPC assets until 2Q14
48
February 19, 2015
(1)
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
4.2
4.5
5.2
5.3
5.1
4.9
4.5
4.4
(1.2)
(1.5)
(2.0)
(2.1)
(2.0)
(1.9)
(1.8)
(1.8)
3.0
3.0
3.2
3.2
3.1
2.9
2.7
2.7
(2.0)
(2.0)
(2.1)
(2.2)
(2.1)
(2.0)
(1.9)
(1.8)
(0.5)
(0.5)
(0.4)
(0.4)
(0.4)
(0.4)
(0.4)
(0.4)
2.1%
2.3%
2.2%
2.2%
2.0%
1.8%
1.7%
1.9%
68%
68%
67%
67%
68%
69%
69%
68%
85%
83%
81%
80%
82%
83%
84%
82%
B
49
February 19, 2015
Appendix – Specific information on exposures
(FSB Recommendation)
Protection
Protection purchased from Monoline
Gross notional
amount of
purchased
instrument
in €bn
Residual exposure to
counterparty risk in 4Q14
Exposure before
4Q14 value
adjustment
and hedging
Exposure before
3Q14
value adjustment
and hedging
Protection for CLO
0.2
0.0
0.0
Protection for RMBS
0.1
0.0
0.0
Other risks
2.3
0.4
0.4
TOTAL
2.6
0.4
0.4
Value adjustment
(0.1)
(0.1)
Residual exposure to counterparty risk
0.3
0.3
Discount rate
24%
25%
Protection purchased from CDPC
Gross exposure: non-significant as of 12/31/2014
No net notional as of 12/31/2014
Gross notional amount: €3.1bn
50
February 19, 2015
FSA
24%
ASSURED
GUARANTY
76%
Other non-hedged CDOs and Non-hedged Mortgage
Backed Securities
CDO not exposed to US housing market
Residual exposure
A
7%
• Value adjustment 4Q14: nm
• Residual exposure: €1.1bn
not
rated
3%
<A
15%
AAA
18%
AA
57%
Europe
85%
Europe
66%
Non-hedged Mortgage Backed Securities
in €bn
CMBS
RMBS US
(1)
RMBS Europe (UK & Spain)(2)
TOTAL
(1)
(2)
51
Net exposure
12/31/2014
Gross exposure
12/31/2014
Net exposure
09/30/2014
0.0
0.0
0.1
0.0
0.1
0.0
0.1
0.1
0.2
0.1
0.2
0.2
Of which 100% of non rated subprime
Of which 92% of UK RMBS and 8% of Spain RMBS
February 19, 2015
Sponsored conduits
MAGENTA – conduits sponsored by Natixis, in €bn
Country of issuance
France
Automobile loans
Amount of asset financed
1.4
Business loans
Liquidity line extended
1.8
Equipment loans
Age of assets:
90%
Consumer credit
0 – 6 months
4%
7%
Non US RMBS
6 – 12 months
35%
CDO / CLO
> 12 months
61%
Other
2%
Non
rated
3%
AAA
A
64%
19%
AA
14%
52
February 19, 2015
Europe
72%
France
28%
US
98%
Monoline
Assumptions for valuation
Monoline
Fair value of protection before value adjustments
• Economic exposure of ABS CDOs including subprime determined using the same method
• Economic exposure of other types of assets was determined based on Mark-to-Market or Mark-to-Model
Value adjustment
• Monolines are identified based on their creditworthiness. They are allocated a probability of default (PD) as
follows:
PD
Monoline
15%
Assured guaranty, FSA
95%
Radian*
100%
CIFG
• In all cases, Recovery in case of default (R) is set at 10% except for CIFG which has a 0% recovery rate
• The specific provision is defined as the amount of Mark-to-Market (or Mark-to-Model) multiplied by the
expected loss (Expected loss = PD x (1-R)) for each monoline
53
February 19, 2015
*Excluding positions covered by reintermediation operation
54
February 19, 2015

2014 Annual Results and 2014 Fourth Quarter Results

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